Spike in oil helps the loonie
The spike higher in the price of oil (CLICK HERE), is helping the loonie.
Looking at the 5-minute chart below, the price has moved back below the 1.2700 level, and the lows from last Thursday and Friday at the 1.2697 area. The low for the day has traded to 1.26908 and more recently at 1.2693. Staying below the 1.2700 level will be more bearish in the near term.
Taking a broader look at the daily chart below, the pair has swing levels in the 1.2662 area and the 100 day MA at 1.2605. The price has not traded below the 100 day MA since October 25th. Last week, the price traded up toward the 200 day MA (green line, currently at 1.2917). The price also tested the 50% retracement at 1.29268. The high price reached 1.2920.
